MCK 8-K: Smart Summary

McKesson Corporation reported fiscal Q4 and full year FY2026 results on May 7, 2026, for the quarter and fiscal year ended March 31, 2026. Full year revenues grew 12% to $403.4B and Adjusted EPS of $39.11 grew 18%, exceeding the company's long-range growth targets. The company also provided FY2027 Adjusted EPS guidance of $43.80–$44.60 and reaffirmed long-term growth targets.

• Q4 revenues: $96.3B, +6% YoY; Full year revenues: $403.4B, +12% YoY
• Q4 GAAP operating income: $2.1B, +35% YoY; Full year GAAP operating income: $6.2B, +40% YoY
• Q4 net income attributable to McKesson: $1.7B, +33% YoY; Full year: $4.8B, +45% YoY
• Q4 GAAP diluted EPS: $13.71, +$3.70 YoY (+37%); Full year GAAP diluted EPS: $38.38, +$12.66 YoY (+49%)
• Q4 Adjusted EPS: $11.69, +16% YoY; Full year Adjusted EPS: $39.11, +18% YoY
• Q4 gross profit: $4B, +11% YoY; Full year gross profit: $14.6B, +9% YoY
• Q4 cash flow from operations: $3.4B; Full year cash flow from operations: $6.2B (+1% YoY); Full year Free Cash Flow: $5.4B (+4% YoY)
• Diluted weighted-average shares outstanding: 122.7 million (Q4), 124.1 million (full year), each down 3% YoY

• North American Pharmaceutical — Q4 revenues: $79.1B (+3%); Adjusted Segment Operating Profit: $980M (+11%); Full year revenues: $336.7B (+11%); Adjusted Segment Operating Profit: $3.5B (+10%)
• Oncology & Multispecialty — Q4 revenues: $12.7B (+35%); Adjusted Segment Operating Profit: $385M (+53%); Full year revenues: $48.4B (+31%); Adjusted Segment Operating Profit: $1.4B (+53%)
• Prescription Technology Solutions — Q4 revenues: $1.5B (+12%); Adjusted Segment Operating Profit: $322M (+13%); Full year revenues: $5.8B (+11%); Adjusted Segment Operating Profit: $1.1B (+17%)
• Medical-Surgical Solutions — Q4 revenues: $2.9B (+1%); Adjusted Segment Operating Profit: $271M (-5%); Full year revenues: $11.5B (+1%); Adjusted Segment Operating Profit: $1B (+1%)
• Other — Q4 revenues: $101M (-61%); Full year revenues: $1B (-4%)

• Full year McKesson returned $5.1B of cash to shareholders: $4.8B in common stock repurchases and $381M in dividend payments
• Q4 share repurchases totaled $2.7B, including $2.3B under an accelerated share repurchase program entered into during Q4
• Board approved an additional $5B share repurchase authorization, bringing total authorized repurchases to $7.7B as of April 2026
• Dividends declared per common share: $0.82 in Q4 (+15% YoY); $3.17 for the full year (+15% YoY)
• Cash and cash equivalents at March 31, 2026: $4B (vs. $5.7B at March 31, 2025)
• Long-term debt at March 31, 2026: $5.3B (vs. $4.5B at March 31, 2025); current portion of long-term debt: $1.3B
• In April 2026, McKesson completed initial financing for the planned Medical-Surgical Solutions separation, including a secured $1B term loan and $1B revolving credit facility
• Full year share repurchases (cash): $4.8B; full year capital expenditures: $436M; capitalized software: $309M

• "McKesson's fourth quarter results reflect the strength of our diversified portfolio and disciplined execution against our strategic priorities. Our Fiscal 2026 performance, headlined by 12% revenue growth and 18% adjusted EPS growth, exceeded our long-range growth targets and demonstrates our ability to consistently deliver growth and operating leverage across the enterprise." — Brian Tyler, chief executive officer
• "Looking ahead to fiscal 2027, we are well-positioned to build upon this momentum. We remain committed to executing with discipline across the portfolio, investing in high-growth and high-margin areas in Oncology and Biopharma Services. By combining our operating execution with a more focused and optimized portfolio, we will continue to deliver sustainable growth and create long-term value for our shareholders." — Brian Tyler, chief executive officer

• Establishing FY2027 Adjusted EPS guidance range of $43.80 to $44.60, representing 12% to 14% forecasted growth compared to the prior year
• Reaffirming long-term Adjusted EPS growth target of 13% to 16%
• Long-term Adjusted Segment Operating Profit growth targets reaffirmed: North American Pharmaceutical 5%–8%, Oncology & Multispecialty 13%–16%, Prescription Technology Solutions 10%–13%
• The Company does not forecast GAAP earnings per diluted share